Homage, Singapore-based on-demand caregiving services platform that combines care professionals smart technology announced that it has raised an undisclosed amount of Series B funding. The round was led by EV Growth, with new investors Alternate Ventures and KDV Capital also joining the round and existing investor HealthXCapital coming back to participate.
Homage was first launched in 2017, seeking to deliver personalised and holistic care to individuals, families, and organisations with the goal to enable wellness and recovery at home, point-to-point (for medical tourism or escort and transportation), or within the health and aged care facilities.
Homage individually interviews each care professional and screens them for aptitude, as well as softer skills including motivation and communication skills. Using its technology, the company can streamline and scale the process, capture the skills, experience, and motivation profile of each care professional.
In addition to that, it also uses a proprietary matching engine that pairs care recipients and organisations with the suitable care professionals for their needs.
“As we’ve scaled out our core services, we see a strong need to build a network of fully curated, reliable, and trusted care professionals to deliver a holistic range of health care services for our future, making long term health care more accessible and affordable,” said Gillian Tee, Co-founder and CEO of Homage.
Homage’s core services include Care Assessments, Activities of Daily Living (ADL) assistance, Home Nursing Procedures and Home Rehabilitation services, including Physiotherapy, Speech Therapy and Occupational Therapy, medical and medication delivery services.
“Our mission has always been to provide deeper and more personalised support for our long-term care needs. We look forward to partnering EV Growth to create more impact in this area,” said Tee.
In its official statement, Homage said it will use the funding to focus on three key areas to scale the delivery of its care services:
- Investing in its core network of Care Professionals to improve their professional capabilities in skilled nursing, assistance with daily living activities as well as rehabilitation care including physiotherapy, speech therapy, and occupational therapy. It will also launch holistic and personalised healthcare services such as medication delivery capabilities.
- Forging new partnerships with private and public sector stakeholders in its ecosystem to raise the accessibility and affordability of care and invest further into the enterprise technology platform.
- Backing its further expansion in the region to enable better accessibility, affordability, and reliability of services across Asia Pacific, building the long-term care infrastructure.
According to the data shared by Homage, the number of elderlies will exceed the number of children globally by 2050, especially in Asia.
Homage plans to fill the gap of health worker shortages by employing technology to deliver personalised care services. The company has stated its plans to launch in five countries in the region within the next two years, including Indonesia.
Operating in Singapore and Malaysia, Homage works with care recipients with a range of mobility and medical conditions, including chronic and terminal illnesses such as Dementia, Stroke, Parkinson’s and cancer, helping them be more mobile and functional as well as providing social and personal care.
Since its founding, the company claimed to have established the largest fully screened pool of close to 2.000 qualified care professionals in Southeast Asia.
Prior to investing in Homage, EV Growth recently closed an additional US$50 million for its first fund, bringing the fund size to US$250 million as the result of the firm’s admission of new Limited Partners (LPs) that includes several Asian based family offices and two of Asia’s largest sovereign wealth funds, such as Temasek.
The firm plans to deploy US$325 million for Southeast Asian startups by combining active funds size, for both seed and growth stage.